Hey egamers, we’ve got some unfortunate news for DEUS Finance fans. On May 5th, the platform experienced a devastating loss of $6M due to a hacker’s attack on their stablecoin DEI. This cybercrime has caused a lot of buzz within the crypto community.
So, what went down? Well, the hacker found a weak spot in the BNB Smart Chain (BSC) and managed to swipe more than $1.3M. But they didn’t stop there – they also hit the Arbitrum network, where they scored another $5M. Some Twitter users are saying that a simple error in the token contract made the whole thing possible.
DEUS Finance quickly stepped up, pausing all contracts and burning DEI tokens to stop any more damage. They’re currently trying to figure out the true value of the remaining DEI tokens. Once they’ve done that, they plan to create a recovery and redemption plan to help users bounce back from this mess.
DEI’s price has taken a major hit, dropping 30% in just 24 hours. It’s now trading at only $0.23, way below its previous $0.30 peg. This isn’t the first time DEI has lost its peg – last year, it slipped to below $1 after the Terra collapse.
Unfortunately, this isn’t Deus Finance’s first run-in with hackers. Back in March 2022, they lost over $3M in a flash-loan attack. That time, the stolen funds were funneled through the crypto mixer Tornado Cash.
For those who don’t know, Deus Finance is a decentralized marketplace where people can trade digital and non-digital assets (like commodities) using the Ethereum blockchain. But for now, it seems like they’ve got some serious security issues to sort out.